Without a history of sales, a new company has little data with which to forecast potential income. It’s challenging, therefore, to know if revenue projections are realistic. To help resolve this issue, I’ve developed a proprietary Revenue Goal Feasibility Tool. It’s specifically designed for businesses which have one or two owners and which receive their income primarily from services which at least one of the owners delivers. Businesses which market both products and services can also use the tool for establishing realistic revenue goals for the service side of the business.
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I once started a business which exceeded its first year revenue projections by tens of thousands of dollars. How? Largely by securing a high margin account within weeks of startup. Then, eighteen months into the engagement, the client was forced … Continue reading
People generally have a highly inflated picture of small business revenues and profitability. Now, if this is true for people in general, it’s safe to assume that encore entrepreneurs may slip into similar miscalculations. They can easily launch a startup with unrealistic expectations, both in terms of income or of the work required to reach that income level.
Continue readingWhat percentage of American businesses have no payroll? Would you guess 15%? Or 30%? How about 75%? Surprising as it may be, that 75% figure is closest to the truth. About three out of every four businesses in the U.S. are operated solely by their owners .These statistics tell you that the U.S. is a nation of micro-businesses.
Continue readingIf you asked me to isolate a single compelling reason for business startups to keep good records from the beginning, I would offer the following. A recent survey by the National Small Business Association confirmed that the IRS is not … Continue reading
The purpose of Track Three of our LeaderTrack Small Business Coaching Series is to equip the owner of a business startup with the essential tools for running the company efficienty, professionally, and competitively.
Continue readingTrack One of our LeaderTrack Small Business Coaching Series is ideal for encore entrepreneurs in the earliest stages of starting a business. It assures that the fundamental elements of your business are put together soundly from the very beginning.
Continue readingThis video underscores the importance of robust management systems for a small businesses and prioritizes the order in which to develop them.
Continue readingThis video underscores the importance of cash flow management for businesses startups and the value of the Statement of Cash Flows in financial statements..
Continue readingSynopsis Historically an unincorporated business, jointly owned by a husband and wife, filed taxes as a partnership. Now many of them have the option of the much simpler process of filing as sole proprietors. This option results from recent provisions … Continue reading